Professional Adviser is delighted to announce the launch of the new Working Lunches in partnership with Baillie Gifford and First State Investments. Travelling across the UK to provide valuable market insights for Senior Financial Advisers.

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Investment funds post rise in sales

Investment fund sales were higher in June compared to both May 2003 and June 2002, with net retail s...

Investment fund sales were higher in June compared to both May 2003 and June 2002, with net retail sales rising to £918m, according to figures from the IMA.

This represents a 24% increase over the month, or 45% over the same period last year. It is the first year-on-year increase in net retail sales since October 2002 and follows a levelling-off of falling sales numbers over the previous three months.

However, net Isa sales were £294m in June, a drop of 14% from May and a 2% fall year on year.

Overall industry gross sales rose to £4.3bn, up from £3.4bn in May and £3.9bn from the previous June. Net industry sales reached £1.5bn, increasing 69% on May 2003, and more than 150% on June 2002.

Some 66% of June's retail investment of £1.636bn came via intermediaries, 20% through tied agents, 9% direct from the public and 5% from private clients.

Despite an overall positive picture in investment fund sales, the second quarter of 2003 saw the number of regular savings plans fall to 1,798,125, down from 1,887,905 in the first quarter. The amount of money going into savings plans also shrank from £464.1m in the first quarter to £428.1m in the second, continuing a trend that began in early 2002.